Bitcoin Price Recovery

Digital Farms, a California-based cryptocurrency mining company, is ceasing to operate due to the recent drop in Bitcoin price (BTC).  

On March 18, the miner's parent company, investment firm DPW Holdings, submitted an update to the U.S. Securities and Exchange Commission (SEC) about its business related to the COVID-19 pandemic, which affected companies and markets worldwide. In addition to other closings and downsizing, the mining business is closed.      

"Digital Farms' cryptocurrency mining operations have been suspended indefinitely, largely due to the sharp drop in the Bitcoin market price," the company wrote.

In May last year, DPW announced that Digital Farms, formerly Super Crypto Mining, had received a 617,000 square meter facility in the United States to set up operations with "immediate access to 28 megawatts of electricity and infrastructure to support up to 300 megawatts" .  

Super Crypto Mining was acquired by DPW in January 2018 and later renamed Digital Farms. According to DWP's annual report filed with the SEC in April 2019, the mining operation had started with the $ 5 million investment from two institutional investors and the purchase of a thousand Bitmain Antminer S9 mining machines. Mining of Bitcoin, Litecoin (LTC) and Ether (ETH) under the new owner started in February 2018.         

See also: Miners sell more Bitcoin than they mine   

The company's first annual revenue from crypto mining was $ 1.67 million, a small portion of DPW's total revenue of $ 27 million, according to the 2019 report. The company had planned to be the top 10 - mine cryptocurrencies by market cap and also offer cloud mining services. 

DWP discussed its coronavirus pandemic scenario in its recent filing: "Because of the unprecedented domestic and international market conditions and the impact COVID-19 has had and will continue to have on the company's operations and financial performance DWP What is currently unknown is temporarily suspending the 2020 guidelines. "

The price of Bitcoin has fallen since February, more than 10,000 USD, which makes it difficult for the mining industry to make a profit. On March 3, widespread market turmoil caused by the increasing outbreak of the coronavirus led to a crash below $ 4,000. Prices have since returned to win travel and are at the time of going to press at around 6,660 USD.   

UK residents are warned of fraudsters claiming to offer information about coronavirus infected locals for payments in Bitcoin.

Local councils from the Pembrokeshire , Manchester and Norfolk counties have warned local residents of fraud that uses the COVID 19 outbreak to exploit fear and insecurity through text messages and emails masquerading as the official health organization.      

Fraudsters claim to be able to provide a list of COVID-positive residents in their region for an undisclosed sum of Bitcoin, and pretend their legitimacy by acting as a World Health Organization (WHO) and as centers for the Disease Control and Prevention (CDC) issue).

The warnings come shortly after the British Financial Conduct Authority warned investors that fraudsters could try to take advantage of the global pandemic crisis.    

The warning was sent on the same day on which the WHO COVID-19 declared a global pandemic with more than 350,000 infected. 

Malicious text messages

There was also a flood of text messages masquerading as "UKGOV" - an obvious imitation of the official Gov.uk domain - offering all residents a payment of £ 458 ($ 558) as part of their promise to fight COVID-19 and direct them to a malicious website via an SMS link.

Scam SMS messageSource: Norfolk.gov.uk

A warning from Action Fraud, Britain's national center for fraud and crime reporting, has revealed 21 reports of deadly coronavirus fraud, with casualties totaling over £ 800,000 lost since February, according to government websites.

Of the 21 reports, 10 were submitted by victims who tried to buy face masks from fraudulent sellers. One victim claimed to have lost more than £ 15,000 when buying bulk face masks that were never delivered, reflecting the behavior of counterfeit traders in the United States .     

Action Fraud has also received several reports of COVID-19 related phishing emails attempting to trick people into opening malicious attachments or disclosing sensitive financial information.

Elsewhere, a number of government agencies have issued coronavirus warnings, including the states of Georgia, Nebraska , Utah, and Oregon, as well as the United States Securities and Exchange Commission and Malta .